News View Non-AMP

Australia Shoots Down ‘Digital Assets Bill 2023,’ Slows Crypto Regulation According To Critics

Published by
Shayan Chowdhury

In the context of international governments’ careful and regulatory stance on crypto, Australian regulators have turned down the crypto bill. The committee has instead recommended that the government “continue to consult with industry on the development of fit-for-purpose digital assets regulation in Australia.”

Australia Is Bearish On Crypto’s Future

Australia’s Senate Economics Legislation Committee has made a cold decision to reject “The Digital Assets (Market Regulation) Bill 2023,” a much-discussed proposal introduced by opposition Senator Andrew Bragg.

Instead of backing the bill, the committee has recommended that the Australian government “continue to consult with industry on the development of fit-for-purpose digital assets regulation.” The recommendation has thrown the future of Australia’s crypto industry into a state of uncertainty and a slow lane.

Senator Andrew Bragg, representing New South Wales, left no words in criticizing the committee’s decision, accusing the ruling Labor government of “putting regulating crypto in the slow lane.”

Going beyond the usual party theory, the committee spotted specific concerns with the proposed legislation. They found the bill lacked the level of detail and certainty that would be required for a clear regulatory framework.

Moreover, the committee pointed out that Bragg’s bill was “not congruent with international regimes.” Such incongruence “causes genuine concern for regulatory arbitrage and adverse outcomes to the industry,” said the committee’s report.

As nations around the world begin to formulate and implement digital asset regulations, any misalignment between Australia’s approach and global norms could put the country at a disadvantage. Experts argue that such regulatory incongruence could deter international fintech firms from entering the Australian market, thereby hampering the country’s ability to become a global hub for crypto innovation.

Last week, Indian Prime Minister Narendra Modi pointed out the need for international cooperation on cryptocurrency regulations at the annual G20 summit. As the current G20 president, India is pushing for a unified global framework for cryptocurrency governance. Modi argued in a local interview that emerging technologies like blockchain and cryptocurrency have global implications and should not be regulated solely by individual nations or regional blocs.

Albanese’s Token Mapping Consultation Stalls

Prime Minister Anthony Albanese’s office has yet to make good on its earlier promise to introduce a consultation paper detailing a licensing and custody framework for crypto asset service providers.

Initially announced in February, this consultation paper was expected to build upon a prior token mapping consultation released through the Treasury. Although slated for a mid-2023 release, the anticipated paper has yet to materialize.

Michael Bacina, Blockchain Australia Chair, said,

“The Senate Committee was expected to report on this Bill over a month ago and the industry has been eagerly awaiting Treasury consultation on crypto-custody and licensing. That consultation should be able to build on the industry submissions published as part of the Senate Committee’s review of this Bill.”

Shayan Chowdhury

Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.

Recent Posts

Fed Holds Interest Rates, Trump’s Tariffs Rock Markets—But Bitcoin and XRP Defy OddsFed Holds Interest Rates, Trump’s Tariffs Rock Markets—But Bitcoin and XRP Defy Odds

Fed Holds Interest Rates, Trump’s Tariffs Rock Markets—But Bitcoin and XRP Defy Odds

Despite a sharp market sell-off following the president’s tariff announcement, the Federal Reserve isn’t rushing…

April 5, 2025
Pi Network Faces Growing Criticism as Delays, Price Dips, and Frustrations MountPi Network Faces Growing Criticism as Delays, Price Dips, and Frustrations Mount

Pi Network Faces Growing Criticism as Delays, Price Dips, and Frustrations Mount

Pi Network is facing growing criticism from its community and developers. The coin that saw…

April 5, 2025
XRP News Today: Price Rises 4%, Ripple Outpaces BTC and ETH in South KoreaXRP News Today: Price Rises 4%, Ripple Outpaces BTC and ETH in South Korea

XRP News Today: Price Rises 4%, Ripple Outpaces BTC and ETH in South Korea

After dipping to a low of $1.96, XRP has made a strong comeback, gaining more…

April 5, 2025
Ripple Lawsuit News: Ex-SEC Lawyer Reacts to Unusual XRP Filing by $10M Fined Stock DealerRipple Lawsuit News: Ex-SEC Lawyer Reacts to Unusual XRP Filing by $10M Fined Stock Dealer

Ripple Lawsuit News: Ex-SEC Lawyer Reacts to Unusual XRP Filing by $10M Fined Stock Dealer

Ripple’s CEO, Brad Garlinghouse, recently shared a video celebrating what he called a victory in…

April 5, 2025
SEC Eases Up On Stablecoins — But Not All Of Them Make The CutSEC Eases Up On Stablecoins — But Not All Of Them Make The Cut

SEC Eases Up On Stablecoins — But Not All Of Them Make The Cut

The U.S. SEC is taking a step back from certain stablecoins, saying they don’t count…

April 5, 2025
Solana (SOL) Poised to Hit $145 Level, Here’s Why Solana (SOL) Poised to Hit $145 Level, Here’s Why 

Solana (SOL) Poised to Hit $145 Level, Here’s Why

SOL, the native token of the Solana blockchain, seems to be shifting its bearish market…

April 5, 2025